ENTREPRENEURSHIP

Detailed explanation-1: -True. GDP is the total money value of all final goods and services produced in a country in a year.

Detailed explanation-2: -The GDP is the total of all value added created in an economy. The value added means the value of goods and services that have been produced minus the value of the goods and services needed to produce them, the so called intermediate consumption.

Detailed explanation-3: -Real gross domestic product is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year. It is expressed in base-year prices and is often referred to as constant price, inflation-corrected, or constant dollar GDP.

Detailed explanation-4: -The correct answer is 2 only. The gross domestic product is the total monetary or market worth of all finished goods and services produced within the borders of a nation in a given time period. Gross Domestic Product does not include the value of final goods and services produced in the transboundary of a country.

Detailed explanation-5: -GDP or Gross Domestic Product is the market value of all the final goods and services produced within a country during a time period. GDP represents the volume of a country’s economy and its growth rate.